OK, I see what you mean. I pinned Excel to the Task Bar and opened its jump list and clicked on a file. It opened as it should.
I don't think it's an Excel problem. It looks to me that it's a Windows problem.
Edit: I just pinned Word to the Task Bar and got the same result. However, what I'm seeing is that only those files I've worked on recently will show up when I right click on the app. But they open just fine for me.
I'm with Simrick; if you have one more than ten days old, I'd do a Restore.